Al Sada for industrial coordination in GCC

The Minister of Energy and Industry H E Dr Mohammed bin Saleh Al Sada yesterday stressed on the need for industrial coordination among the GCC countries in the field of manufacturing industries, especially in Small and Medium Enterprises (SMEs).
Speaking on the sidelines of ‘Made in Qatar Exhibition’ in Riyadh, he said the contribution of the industrial sector in the Gulf GDP is 10 percent which is very low compared to the developed countries. The majority of these investments is focused on energy-intensive industries like petrochemicals and fertilizers which are government-owned industries.
“If we seek a genuine and sustainable development in the GCC countries, we must attach a great attention to industry - and let me use the slogan adopted by “Made in Qatar” expo which is " Industry is the locomotive (engine) of development,” he added. He added the GCC union is an active economic power not only in the regional level, but also at the global one. Gulf region is replete with potentials and powers that will enable it to be a gateway to all kinds of investments. 
“The International developments in oil prices fall and the political instability situation in our region posed on us to foresee the future in a much more realistic look. Oil will not be futuristically the active and mobilising power in the gulf economy,” he said. 
Gulf outside investments – estimated $248bn except for sovereign funds – will not achieve the sustainable development we seek unless they are balanced by productive foreign investments for the next generations, Al Sada added.
The Minister said there is lot of space for cooperation between businessmen from the two sides and both sides are ready for further investments in many sectors. Commenting about the exhibition, Al Sada said 'Made in Qatar' expo represents a good opportunity to exchange ideas and experiences and display products and capabilities.